Joint Economic Committee

Joint Economic Committee

Summary

The Joint Economic Committee (JEC) was created when Congress passed the Employment Act of 1946. Under this Act, Congress established two advisory panels: the President’s Council of Economic Advisers (CEA) and the Joint Economic Committee. Their primary tasks are to review economic conditions and to recommend improvements in economic policy.

Chairmanship of the Committee alternates between the Senate and House every Congress.  The JEC is currently chaired by Senator Martin Heinrich of New Mexico.

Democratic Senate Members (Majority):
Martin Heinrich, New Mexico, Chair
Amy Klobuchar, Minnesota
Maggie Hassan, New Hampshire
Mark Kelly, Arizona
John Fetterman, Pennsylvania
Peter Welch, Vermont

Democratic House Members (Minority):
Don Beyer, Virginia
David Trone, Maryland
Gwen Moore, Wisconsin
Katie Porter, California

Republican House Members (Majority):
David Schweikert, Arizona, Vice-Chair
Jodey Arrington, Texas
Ron Estes, Kansas
Drew Ferguson, Georgia
Lloyd Smucker, Pennsylvania
Nicole Malliotakis, New York

Republican Senate Member (Minority):
Mike Lee, Utah,
Tom Cotton, Arkansas
J. D. Vance, Ohio
Eric Schmitt, Missouri

 

OnAir Post: Joint Economic Committee

News

Congressional Hispanic Caucus and Joint Economic Committee Release New Report Examining Hispanic Wealth Disparities
Office of Don Beyer – October 15, 2021

WASHINGTON, D.C. — Today, the Congressional Hispanic Caucus (CHC), led by Congressman Raul Ruiz, M.D. (D-CA), and the U.S. Congress Joint Economic Committee (JEC), led by Congressman Don Beyer (D-VA), released a new report that examines the wealth disparities that threaten the economic security and opportunities of Hispanic Americans and their families.

Despite representing 19 percent of the U.S. population, Hispanic families hold just two percent of the nation’s total wealth. The median net worth of white families is more than five times greater than that of Hispanic families, and the increasing concentration of wealth at the top has widened the wealth gap between the average Hispanic and white households.

Across traditional metrics of wealth—like retirement savings, student debt and homeownership—Hispanic Americans continue to face barriers to economic security. Only about one in four have a retirement account, which contributes to Hispanics being less financially prepared for retirement on average than any other racial or ethnic group. Hispanic families are also overburdened by student debt, such that more than a decade after college entry, the typical Hispanic borrower with a four-year degree still owes nearly 80 percent of what they originally borrowed. And even as homeownership among Hispanic households has increased, it still lags behind that of white households: less than half of Hispanic families own homes compared to nearly three-quarters of white families.

This economic insecurity has left Hispanic Americans much more vulnerable to the adverse effects of economic shocks. In the aftermath of the Great Recession, the median Hispanic family lost nearly half of their net wealth. Since then, subsequent gains have failed to mitigate increasing wealth inequality between the average white and Hispanic family.

This is the second issue brief co-released by the CHC and the JEC for Hispanic Heritage Month, which began on September 15 and ends today. The first examined the contributions of Hispanic workers to the U.S. economy. Despite being among those most affected by the health and economic effects of the coronavirus and pervasive structural barriers to full economic participation, Hispanic workers are helping to drive the ongoing economic recovery and are poised to serve as catalysts of future economic growth.

i
The 2021 Joint Economic Report : Report of the Joint Economic Committee, Congress of the United States, on the 2021 Economic Report of the President
117th Congress, Joint Economic Committee
HON. NANCY PELOSI
Speaker, U.S. House of Representatives
Washington, DC
DEAR MADAM SPEAKER:
Pursuant to the requirements of the Employment Act of 1946, as amended, I hereby transmit the 2021
Joint Economic Report. The analyses and conclusions of this Report are to assist the several Committees of the Congress and its Members as they deal with economic issues and legislation pertaining thereto.
Sincerely,
Donald S. Beyer Jr.
Chairman

About

Web Links

Jurisdiction

  • Study the implications of the Economic Report of the President
  • Seek ways to coordinate programs involved in the Report
  • File an annual report relating to its study of these implications and programs with the Senate, the House of Representatives, and all Congressional committees having legislative duties relating to the Report
  • Make other reports and recommendations to the Senate and the House as the committee members see fit
  • Hold hearings on the report and other economic matters as the committee members see fit.

More Information

Wikipedia

The Joint Economic Committee (JEC) is one of four standing joint committees of the U.S. Congress. The committee was established as a part of the Employment Act of 1946, which deemed the committee responsible for reporting the current economic condition of the United States and for making suggestions for improvement to the economy. The JEC is currently chaired by Representative David Schweikert of Arizona.

Jurisdiction

  • Study the implications of the Economic Report of the President
  • Seek ways to coordinate programs involved in the Report
  • File an annual report relating to its study of these implications and programs with the Senate, the House of Representatives, and all Congressional committees having legislative duties relating to the Report
  • Make other reports and recommendations to the Senate and the House as the committee members see fit
  • Hold hearings on the report and other economic matters as the committee members see fit.[1]

Members, 119th Congress

MajorityMinority
Senate membersEric Schmitt, Missouri, Vice Chair
  • Tom Cotton, Arkansas
  • Ted Budd, North Carolina
  • Dave McCormick, Pennsylvania
  • Marsha Blackburn, Tennessee
  • Ashley Moody, Florida
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    		[2][3]

    Committee leadership

    The chair and vice chair rotate between the House and Senate majority each Congressional term, while the ranking member and vice ranking member rotate between the House and Senate minority.

    Chairs

    Bob CaseyKevin BradyDan CoatsPat TiberiErik PaulsenMike LeeDon BeyerMartin HeinrichDavid Schweikert
    NamePartyStateStartEndChamber
    DemocraticPennsylvania20112013Senate
    RepublicanTexas20132015House
    RepublicanIndiana20152017Senate
    RepublicanOhio20172018House
    RepublicanMinnesota20182019House
    RepublicanUtah20192021Senate
    DemocraticVirginia20212023House
    DemocraticNew Mexico20232025Senate
    RepublicanArizona2025presentHouse

    Vice Chairs

    Mike LeeCarolyn MaloneyMartin HeinrichDavid SchweikertEric Schmitt
    NamePartyStateStartEndChamber
    RepublicanUtah20172019Senate
    DemocraticNew York20192021House
    DemocraticNew Mexico20212023Senate
    RepublicanArizona20232025House
    RepublicanMissouri2025presentSenate

    Ranking Members

    Carolyn MaloneyMartin HeinrichDavid SchweikertMike LeeDon BeyerMaggie Hassan
    NamePartyStateStartEndChamber
    DemocraticNew York20152017House
    DemocraticNew Mexico20172019Senate
    RepublicanArizona20192021House
    RepublicanUtah20212023Senate
    DemocraticVirginia20232025House
    DemocraticNew Hampshire2025presentSenate

    Vice Ranking Members

    Carolyn MaloneyMartin HeinrichDavid SchweikertMike LeeDon Beyer
    NamePartyStateStartEndChamber
    DemocraticNew York20172019House
    DemocraticNew Mexico20192021Senate
    RepublicanArizona20212023House
    RepublicanUtah20232025Senate
    DemocraticVirginia2025presentHouse

    Historical committee rosters

    118th Congress

    MajorityMinority
    Senate membersMartin Heinrich, New Mexico, Chair
  • Amy Klobuchar, Minnesota
  • Maggie Hassan, New Hampshire
  • Mark Kelly, Arizona
  • John Fetterman, Pennsylvania
  • Peter Welch, Vermont
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    		[4]

    117th Congress

    MajorityMinority
    Senate membersMartin Heinrich, New Mexico, Vice Chair
  • Amy Klobuchar, Minnesota
  • Maggie Hassan, New Hampshire
  • Raphael Warnock, Georgia
  • Mark Kelly, Arizona
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    		[5]

    116th Congress

    MajorityMinority
    Senate membersstyle=\”color:black;background-color:</span><span typeof=\”mw:Nowiki\” about=\”#mwt155\”></span><span about=\”#mwt155\”>#B0CEFF\”</span>”},{“html”:””}]]}’>

    House membersCarolyn Maloney, New York, Vice Chair
  • Don Beyer, Virginia
  • Denny Heck, Washington
  • David Trone, Maryland
  • Joyce Beatty, Ohio
  • Lois Frankel, Florida
    		• [6][7]

    115th Congress

    MajorityMinority
    Senate membersstyle=\”color:black;background-color:</span><span typeof=\”mw:Nowiki\” about=\”#mwt172\”></span><span about=\”#mwt172\”>#B0CEFF\”</span>”},{“html”:””}]]}’>

    House members(until January 11, 2018)
  • Erik Paulsen, Minnesota, Chair (from January 11, 2018)
  • David Schweikert, Arizona
  • Barbara Comstock, Virginia
  • Darin LaHood, Illinois
  • Francis Rooney, Florida
    		• [8][9]

    References

    1. ↑ U.S. Senate. Rules and Administration Committee. Authority and Rules of Senate Committees, 2009–2010. (Senate Document 111-3) Washington, DC: GPO, 2009. p.223 See also 15 USC 1024.
    2. ↑ “U.S. Senate: Joint Economic Committee”. www.senate.gov. Retrieved February 6, 2025.
    3. ↑ “About – United States Joint Economic Committee”. www.jec.senate.gov. Retrieved February 6, 2025.
    4. ↑ “Heinrich Confirmed as Chair of the Joint Economic Committee in 118th Congress – Heinrich Confirmed as Chair of the Joint Economic Committee in 118th Congress – United States Joint Economic Committee”. www.jec.senate.gov. Retrieved April 28, 2023.
    5. ↑ “After Vote by Members, JEC Ready to Begin Official Business for the 117th Congress”.
    6. ↑ “Schumer Announces Senate Democratic Committee Memberships for the 116th Congress | Senate Democratic Leadership”. December 13, 2018.
    7. ↑ Pelosi Names Members to the Joint Economic Committee
    8. ↑ Committee, United States Joint Economic. “About – United States Joint Economic Committee”. www.jec.senate.gov. Retrieved January 8, 2017.
    9. ↑ “U.S. Senate: Joint Economic Committee”. www.senate.gov. Retrieved January 8, 2017.


    source: https://en.wikipedia.org/wiki/United_States_Congressional_Joint_Economic_Committee

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